Corporate or union-run pensions were terrible. The companies or the unions or both would fail to fund them adequately. Or if they did fund them enough, they wou

Corporate or union-run pensions were terrible. The companies or the unions or both would fail to fund them adequately. Or if they did fund them enough, they would mismanage the investment. Sometimes they would outright steal from the pensions. Another game was simply redefining the terms, almost always reducing the benefits. This was a common game and it's almost irresistible to the managers. At the highest level, the US government is always doing when they tweak the Social Security formulas for retirement age. At least with the 401k/IRA/SEP etc, you're in control and you see the assets go up or down.